Bristol Myers Squibb Q3 2026: revenue up 7%, EPS falls on IPRD charges
Bristol Myers Squibb beat the $1.1539 consensus EPS with $1.35 non-GAAP, and revenue rose 7.0% to $13.069 billion — yet gross margin fell 3.6 points and non-GAAP EPS dropped 17.2%. The gap is $1.558 billion of acquired IPRD charges. Below, check revenue quality, then the guidance mechanics, then the balance sheet.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $1.05 versus $1.08, and non-GAAP was $1.35 versus $1.63, a 17.2% decline. The quarter carried $1.558 billion of acquired IPRD charges worth $(0.58) a share, which is why the headline drop looks worse than the operating business. Against the $1.1539 consensus, non-GAAP EPS still landed 17.0% ahead.
Revenue rose 7.0% to $13.069 billion, with the Growth Portfolio up 12.0% to $7.662 billion and now 58.6% of the top line. The Legacy Portfolio added just 1.0% to $5.415 billion, and only because Eliquis jumped 25.0% to $4.690 billion while Revlimid fell 47.0% and Pomalyst dropped 81.0%. Strip out Eliquis and the legacy book is shrinking hard.
Full-year revenue guidance moved up to $49.75–$50.25 billion from roughly $49.0–$50.0 billion, and the ~69%–70% gross margin target was left untouched. Non-GAAP EPS guidance fell to $6.35–$6.55 from $6.75–$7.00, but $(0.60) of that is now IPRD charges versus $(0.02) before. Back out that $0.58 swing and the underlying EPS midpoint actually rose about $0.16.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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